Feds probe Hercules Offshore, Inc.

In an 8K filed yesterday, offshore drilling contractor Hercules Offshore, Inc. reports that on April 4, 2011, it received a subpoena issued by the Securities and Exchange Commission "requesting the delivery of certain documents to the SEC in connection with its investigation into possible violations of the securities laws, including possible violations of the Foreign Corrupt Practices Act (FCPA) in certain international jurisdictions where we conduct operations. The Company was also notified by the Department of Justice (DOJ) on April 5, 2011, that certain of the Company’s activities are under review by the DOJ."

"At this time," says the filing, "it is not possible to predict the outcome of the investigations, the expenses we will incur associated with these matters, or the impact on the price of our common stock or other securities if the SEC or DOJ takes any actions regarding these investigations. The Company intends to respond fully to the SEC subpoena and cooperate with the SEC and DOJ in their investigations."